230 sats \ 3 replies \ @Coinosphere 24 Dec 2023 \ on: Can we establish "crypto" to mean "cryptography" again? crypto
Truthfully, the way language works is that the most popular usage almost always wins.
Cryptography nerds aren't popular. Shitcoiners and their casinos are far more popular and incentivized to keep talking about their shitcoins. It is also given a big boost by the mainstream media who keeps referring to all cryptocurrencies as 'crypto,' which they think includes bitcoin.
Edge cases exist for all words... Yes, university textbooks will continue to call cryptography 'crypto' too, but so will the global swimming community call their most-hated ear bactieria, cryptosporilla, crypto. These are both smaller, lesser-incentivized communities than the global shitcoin community is.
I'm afraid we're stuck with the term until shitcoins die. Then the media won't have any reason to include them in the conversation about bitcoin.
I'm afraid we're stuck with the term until shitcoins die.
I expect shitcoins will be Bitcoin's first casualty. As secondary layers remove any features of these other coins (privacy, scalability, "smart contracts", etc) they will get dumped for stacking sats. What will remain of the so-called "crypto" market will be the slimiest of fraudsters. I think we are getting closer to this point every day.
The damage however has been done for the word "crypto". Honestly, to me, it does not matter. Bitcoin is not a currency. And Cryptographically sound money is just one of Bitcoin's many characteristics.
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I expect shitcoins will be Bitcoin's first casualty
I agree for the reasons you mentioned.
The damage however has been done for the word "crypto"
We can start undoing the damage on SN to begin with.
Bitcoin is not a currency
Care to elaborate? Is this about the definition of currency vs money?
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Bitcoin is not a currency Care to elaborate? Is this about the definition of currency vs money?
Yes, mostly. "Bitcoin" is both an open decentralized Internet protocol and the name of the unit of value - This is a taxonomy issue that is not ideal. It's programmable digital money. A new layer on the Internet that for the first time allows for the transfer of value in a purely digital way. All the network effects, by every metric, make it the undisputed king of "crypto" and it will displace all other shitcoins (my original point). It is not a currency to be denominated in USD unlike all other foreign state-backed currencies that are to varying degrees based on the USD. Bitcoin heralds a new and better form of hard sound money that cannot be debased. And that is its central value.
The immovable immutable thermodynamically and cryptographically hardened blockchain is the anvil upon which Archimedes' lever can be placed to indeed move the world.
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